There are many reasons one can have for considering selling your house. Perhaps your family size has expanded and you need more room. Perhaps you are simply craving a change of scenery. Read to find out the different reasons why selling your house could be a good move for you!
Lifestyle changes, growing family
Oftentimes a couple opts for a HDB before they get married, with the dream and goal of moving out and having their own matrimonial home. In the BTO exercise, they might have settled for a smaller unit, such as a 3-room or 4-room flat. While this was a comfortable space to initially move in, there could be lifestyle changes down the road, most commonly having children that could result in a lack of space in the current home.
This is the most common reason for selling a house and buying a new one - in order to find a larger space with more room for the entire family to live comfortably and with more privacy.
Another reason for looking for a new home could be to relocate to a better location to suit the adult’s current workplaces or to make it more convenient for children to get to school.
There are also some cases where parents want to move to a particular neighbourhood, to be within 1km range to ballot for a preferred school for their children.
To play to the market’s strengths (or weaknesses)
A good reason to sell your property is when the transaction data shows that your property, or similar property to yours is selling at an all-time high. In this situation, if you are already looking to upgrade to a different property, such as from a HDB to a condo - it might be the perfect moment to pull the trigger.
This would guarantee instant value and financing for your next home - and the extra cash that you might make by playing to the market’s strengths might even come in useful to cover costs such as renovation.
On the opposite end, if your property’s value has remained stagnant for many years - it might be a sign to move on, to sell and purchase a new property. In the long run, this could result in a better return on your investment, moving to a new property that appreciates greater in value and could give you returns when you eventually want to sell again.
Another reason you might want to consider selling your property is for financial reasons. In the current interest rate environment, your current property might prove to be costly to pay for as the interest starts to add up - making downgrading to a more affordable home an option.
In the case where your current property might be ageing and the ageing infrastructure might be getting difficult to maintain. It might be a better long term decision to find a new property as compared to continually spending money on renovations and upkeep/maintenance costs.
These are the 3 most common reasons that Singaporeans may find to sell their property. Once you have identified these reasons for yourself, you might find it in your best interest to transact your property as soon as possible, especially if you can find a good buying deal and require the financing.